Rebel Inc. issued 3,000 shares of no-par common stock with a stated value of $3 per share. The market price of the stock on the date of issuance was $12 per share. The entry to record this transaction includes a
A) debit to Cash for $9,000.
B) credit to Common Stock for $36,000.
C) credit to Common Stock for $9,000.
D) debit to Paid-in Capital in Excess of Par Value for $36,000.
Correct Answer:
Verified
Q106: Accounting for treasury stock is done by
Q114: Cole Corporation issues 10,000 shares of $50
Q115: The acquisition of treasury stock by a
Q116: Five thousand shares of treasury stock of
Q119: Dividends in arrears on cumulative preferred stock
A)
Q119: Retro Company is authorized to issue 10,000
Q121: Adcock Corporation began business by issuing 300,000
Q122: Two classifications appearing in the paid-in capital
Q126: Treasury Stock is a(n)
A) contra asset account.
B)
Q130: Additional paid-in capital includes all of the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents